Forex Technical Outlook For EUR/USD (Daily)

The single currency continues to be pressured by speculation the ECB will add an easing measure during the upcoming meeting, and ended Wednesday with a lower low, and a lower high, for 3rd day running.

The technical picture

The intra-day advance was not enough to reverse the dominant Bearish trend, though the price bounced after approaching the Key support at 1.0800/10.

The 1 hour chart shows that the price continues developing below its 20-Day MA, while the technical indicators have turned flat below their mid-lines after bouncing from oversold levels, reflecting the absence of buying interest.

In the 4 hours, the technical indicators also bounced from oversold readings, but remain well below their mid-lines, while the 20-Day MA caps the Northside at the 1.0880/90 region, where the EUR/USD also presents multiple intra-day highs from earlier on the week, and the mark to break to see the Bearish pressure easing.

Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a tech trader.

Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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